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Over the course of nearly half a century, five American presidents-three Democrats and two Republicans-have relied on the financial acumen, and the integrity, of Paul A. Volcker. During his tenure as chairman of the Federal Reserve Board, when he battled the Great Inflation of the 1970s, Volcker did nothing less than restore the reputation of an American financial system on the verge of collapse. After the 2008 financial meltdown, the nation turned again to Volcker to restore trust in a shaky financial system: President Obama would name his centerpiece Wall Street regulation the Volcker Rule. Volcker's career demonstrated that a determined central banker can prevail over economic turmoil-so long as he can resist relentless political pressure. His resolve and independent thinking-sorely tested by Richard Nixon, Jimmy Carter, and Ronald Reagan-laid the foundation for a generation of economic stability. Indeed, William L. Silber argues, it was only Volcker's toughness on monetary policy that qforced Reagan to be Reaganq and to rein in America's deficit. Noted scholar and finance expert Silber draws on hours of candid personal interviews and complete access to Volcker's personal papers to render dramatic behind-the-scenes accounts from Volcker's career at the Treasury Department and the Federal Reserve: secret negotiations with European ministers; confrontations with the White House; crisis conferences with Wall Street titans, and even tense boardroom rebellions within the Fed itself. Filled with frank commentary from Volcker himself-including why he was personally irked with the qVolcker Ruleq label-this will be the definitive account of Volcker's indispensable role in American economic history.A usedcar dealer buys Chevrolets and Hondas from owners wanting to sell and then turns around and sells those cars to drivers ... They buy Microsoft stock or General Electric bonds from investors wanting to sell and then turn around and sell those same securities to ... Antique collectors search for value, like a 1963 Chevy Impala, a 1965 Ford Mustang, or even a 1985 Nissan Maxima, because theyanbsp;...

Author:William L. Silber
Publisher:Bloomsbury Publishing USA - 2012-09-04


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